What is Corporate Social Responsibility and Why Does It Matter?
As more people seek out ethical and environmentally friendly companies, corporate social responsibility (CSR) is becoming imperative to the future of business. Today, many companies are opting to put their people and the planet first. This usually takes the form of corporate social responsibility, which involves the activities that a company partakes in to operate in an economically, socially and environmentally sustainable way.
As outlined by the Council for Corporate Responsibility, the seven pillars of corporate responsibility reflect the following values:
- Diversity and Inclusion
- Environmental Sustainability
- Global Enrichment
- Organizational Health
- Supply Chain Integrity
There are more than a few reasons why corporate social responsibility is important, but these are the big ones:
It shows compassion and creates trust
Companies with strong CSR can create a real sense of trust in their relationships with employees and customers. This type of trust is built through practices like donating funds or goods to local nonprofit organizations, participating in environmental initiatives like shoreline cleanups, or ensuring that the company’s goods are manufactured in an environmentally sustainable way. Really, it’s about giving back.
It creates a positive workspace
When a company embraces CSR values, it truly shows up in the workplace of its employees. Employees who feel valued by their employer and are given positive reinforcement will produce better work and help foster an environment where innovation flourishes.
It makes the planet a cleaner place to live
It’s no surprise that CSR heavily involves eco-friendly initiatives. Many companies have adopted more eco-friendly means to conducting business, from small steps such as separated recycling to bigger steps such as choosing to work only with other businesses that share their same values.
It unites and inspires employees and the community
Companies who practice CSR often enact initiatives that inspire and unite the community. Social goodwill, such as Starbucks’ youth program, is essential to a successful business not only because it benefits the community, but also because it benefits the team. By allowing the team to dedicate time and energy to outside causes, employee morale is raised—it feels good to pay it forward.
Many companies understand these benefits and aren’t hesitating to get on board with corporate social responsibility. Corporations don’t have to compromise good values to be successful.
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